Hitachi acquires Prizm to grow revenues in India
Japanese tech major Hitachi has acquired Prizm Payment Services as part of plans to increase revenues in India by nearly three times to about $3 billion over the next two years. According to a company statement, Hitachi has entered into share transfer agreements with all of Prizm’s shareholders, including Winvest Holdings(India) Private Limited, Sequoia Capital,Axis Bank and other minority shareholders. The transaction is expected to be concluded by February.
Prizm Payment Services is a leading provider of payment services using ATMs and POS to banks and financial institutions in India. Tokyo-headquartered Hitachi also manufacturers ATMs and has market leadership in Japan and sees India as an important market that can contribute a chunk of its revenue.
“Hitachi is endeavoring to strengthen IT services businesses in the fast-growing Asian region in particular. Having Prizm Payment Services as Hitachi family, we believe that we can create new value together by wedding the company’s strong customer base and payment service and other know-how in India, with Hitachi’s IT expertise and strive to expand the Hitachi Group’s IT services business in India and globally,” said Hiroaki Nakanishi, President of Hitachi.
Prizm, set up in 2008, has grown to have over 10,000 ATMs deployed and under management and maintenance, and over 52,400 Point of Sale devices under management. ” Being part of the larger Hitachi family provides a unique opportunity to expand our service offerings to customers not just in India but across the globe. Furthermore this deal provides the management team and employees tremendous potential for professional growth,” said said Loney Antony, MD, Prizm Payment Service.
Although the companies did not disclose the financial details of the deal, it said that the senior management team of Prizm Payment Services will remain intact and be integral to the success of Hitachi’s goals of this acquisition.
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